Starting the countdown to a new era based on the City of Yokohama’s Medium-Term Management Plan　
　The FY2008 budget has been prepared at a time of ongoing challenges for the City government. The City of Yokohama is nonetheless committed to achieving its basic mission of moving forward under its Medium-Term Management Plan, which was drafted and released in 2006. Under this mission, the City will assist citizens in contributing to the development of Yokohama, so that they can live safely and reach their full potential, by improving the security of the environment and offering services that encourage both individuality and co-existence in local communities. To bolster these initiatives, the City of Yokohama is also planning to introduce new strategies for local autonomy and the management of local authorities.

【　Major Initiatives for 2008　】

(1) Host events in support of the 150th anniversary of the conclusion of the Five Treaties of the Ansei Era
　The City of Yokohama will host a number of events in support of the the 150th Anniversary of the Opening of the Port of Yokohama in 2009. The events include the Tokyo International Conference on African Development (TICAD) IV and Yokohama Triennale 2008. The former, held between May 28 and May 30, is an international conference that discusses the future of Africa, a region with great significance to global stability and prosperity. The latter, held between September 13 and November 30, is one of Japan’s largest international exhibitions of contemporary art.

(2) Setting up a new Regional Asian hub
　The City of Yokohama will set up a new regional hub in Mumbai, the largest international city in India, a country that has achieved dramatic economic growth. Through this new base, the City of Yokohama will pursue business projects with India?for example, the City will encourages companies in India to set up a branch in Yokohama and will offer assistance to companies in Yokohama embarking on businesses in India?while strengthening the network with Asian countries through the promotion of economic and cultural exchange.

(3) Promoting a campaign to reduce greenhouse gas emissions by 30%
　Global warming is an increasingly serious issue that must be tackled immediately by the international community. Based on this understanding, the City of Yokohama has launched CO-DO30, an action plan that aims to reduce per capita emissions of greenhouse gasses by more than 30% by 2025. As part of this plan, in 2008, the City will cooperate with citizens and business operators in acting against global warming and urban heat island effect. For example, the City will create a zone in which citizens can take part in activities to combat these issues and experience the effects.
※About CO-DO30　(pronounced “code 30”) is defined as follows：
　CO is an abbreviation for “Carbon Off” while DO represents the meaning “to DO.” The figure 30 represents the target number for citizens, each of whom is required to reduce emissions of greenhouse gasses by more than 30% by 2025. The City of Yokohama has designed action courses, which aim at creating a society that no longer causes global warming, in seven different areas: personal lifestyles, business activities, buildings, transportations, city landscaping, greenery control, and the City government itself, which should act as a model.

(4) Establishing 2 new project headquarters
The City will establish the Climate Change Policy Headquarters for intensive promotion of CO-DO30. The City will also set up the Joint Creation Headquarters, which aims at creating high quality services by encouraging a sharing of resources and knowledge between the public and private sectors. The City will strive to keep all public facilities at proper levels by linking policies, finance, and technology.

【Website】　　http://www.city.yokohama.jp/me/gyousei/zaisei/yosan/20yosan/(Japanese)

　The City of Yokohama’s bonds, acclaimed thanks to the City government’s proactive strategies
　The City has adopted some of the most proactive bond issuing strategies seen among local Japanese governments. In October 2006, the City’s bond became the first to be rated by Standard & Poor’s, receiving an AA-/Positive. At the time, this was the same rating as Japanese Government Bonds (JGBs). The City’s bonds have maintained their credit rating of AA-/Positive this year owing to the stable fiscal management of the City?such as its strong and independent base of financing, highly stable revenue, and excellent fiscal discipline with sound financial fundamentals. The outlook is Positive, reflecting the fact that the City’s tax revenue is expected to increase while its debt balance is set to be reduced.

　The City has won many awards both in Japan and internationally in 2006 and 2007 (*1), thanks to the acclaim it received from the financial markets for its pioneering activities as an issuer of local bonds, including a request for credit ratings. The public bonds issued in February 2008 were sold out soon after they were released. Both domestic and international investors have exhibited a high level of interest in the City’s offering.

Through the English-language websites, the City will continue to provide information about its bonds to international investors. The main details communicated via websites are presentation documents about the City’s bonds, information about the issue of public bonds, and credit rating information.

English website for the international Investors：http://www.city.yokohama.jp/me/gyousei/ir/en/index.html

(*1) About Awards 　
・EUROMONEY Japanese Edition 2007 - Best Yen Bond Deal 　
・Nikkei Bonds & Financial Weekly 2007 - Municipality Bond Deal of the Year No.1 & No.2 　
・THOMSON Deal Watch Awards 2006　- Issuer of the Year

【Website】：http://www.city.yokohama.jp/me/gyousei/ir/en/awards.html